š„A report by Nasscom and Zinnov reveals that 70% of startups are investing in artificial intelligence (AI) to improve product capabilities and internal efficiencies.
š„The Indian Tech Startup Landscape Report 2023 indicates the founding of over 950 new technology startups and the funding of over 750 startups in the past year.
š„Despite global economic and regulatory challenges, Indian tech startups have focused on improving their business fundamentals for profitability and growth, according to Nasscom president Debjani Ghosh.
š„India currently boasts over 31,000 tech startups, accumulating more than $70 billion in funding over the last five years.
š„The proportion of tech startups established in emerging hubs in tier-2 and tier-3 cities increased to 40% in 2023.
š„Zinnov CEO Pari Natarajan highlighted that tier-II/III cities are becoming new innovation hubs, decentralizing the startup landscape and contributing to the overall growth of India's tech startup ecosystem.
š„Despite a decline in late-stage funding due to valuation cuts and a greater emphasis on profitability amid a "funding winter," the report anticipates improvements in funding, upcoming IPOs, and innovation across disruptive technologies and key sectors for the ecosystem.
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